[aaykarbhavan] All HC: Agreement to sell amounts to transfer

ALLAHABAD HIGH COURT - Income Tax

Shri Chandra Prakash Jain Versus Assistant Commissioner of Income Tax (Inv.) Circle & Another

Agreement to sell amounts to transfer or not - Whether the Tribunal was justified in holding that the agreement to sell amounts to transfer by virtue of Section 2 (47)(v) and (vi) of the Act – Held that:- The tribunal had given cogent reasons for setting aside the order of CIT(A) – there was no illegality in the tribunal's proceeding to examine the case in the light of Section 2(47) (vi) - All the facts being on record whether transaction is covered by Section 2(47)(v) or 2(47) (vi) was well within the domain of the tribunal – the Tribunal was fully justified in holding that agreement of sale dated 7.9.1991 amounts to transfer of capital assets by virtue of Section 2(47) (vi) of the Act. - Decided against the assessee.

Rectification of order – Mistake apparent on record - Assessee relied upon the decision of Apex Court in Honda Siel Power Products Ltd. Vs. Commissioner of Income Tax [2007 (11) TMI 8 - Supreme Court of India] - Held that:- It is well established that no party appearing before the tribunal should suffer on account of mistake committed by the tribunal. In the said case, the tribunal admitted its mistake and rectified the order which order was upheld by the Apex Court. In the present case the tribunal has recorded the categorical finding that no apparent mistake has been committed by the tribunal and no case is made out for rectification. – Decided against the assessee

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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